The Pharmaceutical Drugs Global Market Report 2023 by The Business Research Company, provides pharmaceutical drugs market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Pharmaceutical Drugs Global Market Report 2023, the market size is expected to grow from$ 1,136.23 billion in 2022 to $1,199.86 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The market size of global pharmaceutical drugs market is expected to reach $1,848.49 billion in 2027 at a CAGR of 11.4%.
The rise in sedentary jobs, busy lifestyles, and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as cancer, diabetes, and cardiovascular diseases. Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of chronic diseases such as diabetes.
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The pharmaceutical drugs market is segmented:
1) By Type: Cardiovascular Drugs, Dermatology Drugs, Gastrointestinal Drugs, Genito-Urinary Drugs, Hematology Drugs, Anti-Infective Drugs, Metabolic Disorders Drugs, Musculoskeletal Disorders Drugs, Central Nervous System Drugs, Oncology Drugs, Ophthalmology Drugs, Respiratory Diseases Drugs
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Other Distribution Channels
3) By Route Of Administration: Oral, Parenteral, Other Route Of Administration
4) By Drug Classification: Branded Drugs, Generic Drugs
5) By Mode Of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs
Early Rx-to-OTC switch, or switching the product from prescription to non-prescription status, is a key trend in the dermatology drugs market. Traditionally, the Rx-to-OTC status conversion was generally observed at a phase nearing the patent expiry or after. However, forward-thinking companies are now looking at switching from Rx-to-OTC well in advance of the patent expiry of the drug. This helps the manufacturer to capitalize on the market opportunities for the product. Early Rx-to-OTC switching also provides an additional benefit as a way to recover all the expenses incurred on the product by the company. For example, in 2020, FDA has switched three prescription drugs to OTC including Voltaren for arthritis pain, olopatadine hydrochloride 0.1% and 0.2% (Pataday Twice Daily Relief and Pataday Once Daily Relief) for temporary relief of itchy and red eyes due to pollen, ragweed, and grass
The pharmaceutical drugs market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Pharmaceutical Drugs Market Characteristics
4. Pharmaceutical Drugs Market Product Analysis
5. Pharmaceutical Drugs Market Supply Chain
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26. Key Mergers And Acquisitions In The Pharmaceutical Drugs Market
27. Market Background: Pharmaceuticals Market
28. Recommendations
29. Appendix
30. Copyright And Disclaimer
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